The International Iron and Steel Institute (IISI) has changed its name to World Steel Association (worldsteel), effective immediately. The new name was announced during the group’s annual meeting, which is being held this week in Washington, D.C.
“Since we were formed in 1967 the world for steel has substantially changed and so has this organization,” said Director General Ian Christmas, speaking at the conference. “We are now a truly global body representing 18 of the world’s 20 largest steel companies, including six of the top 10 producers in China.”
“Our new name provides a simple description of our role and clarity to our purpose,” added Christmas. “The World Steel Association is the representative body for an essential industry that takes a leadership role through our environmental, social and economic sustainability programs.”
During the conference, the association reported that its Executive Committee had reviewed its original Short Range Forecast, which had originally been issued in April 2008. The Committee recognized that the market is demonstrating rapidly changing circumstances but noted that 2008 will be another year of growth for the steel industry.
“We are in a period of high economic uncertainty,” said World Steel Association Chairman Ku-Taek Lee, Chairman & CEO of Posco. “The impact on steel markets is becoming more apparent as we move into the later part of this year.
Projections forecast by the worldsteel Economics Committee consider both real and apparent steel use. Apparent steel use reflects the deliveries of steel to the marketplace from the steel producers as well as from importers. These figures, however, may differ from the amount of steel actually being used with the difference being added to, or drawn from, inventories.
“We are currently reviewing our forecasts for 2009, which had been prepared this summer before current events,” added Lee. “However, we continue to expect growth in steel demand in 2009 and for the medium term, above the world GDP growth rate.”
The World Steel Association said is next Short Range Outlook (SRO) would be issued in April 2009.
The World Steel Association (worldsteel) is one of the largest and most dynamic industry associations in the world, representing approximately 180 steel producers (including 18 of the world's 20 largest steel companies), national and regional steel industry associations, and steel research institutes. worldsteel members produce around 85% of the world's steel.